Venture capital firm Earlybird said it reached a first closing of €65 million for Earlybird IV, securing commitments from existing and new institutional investors from Germany, the US and the Middle East. The new fund follows Earlybird I/II with €60 million and Earlybird III with €165 million.
Earlybird IV will invest in first- or second-round institutional financings and will focus on deals sourced in Europe. The fund will specialise in convergent technologies, including embedded software, communication technology components, Internet services, cleantech, medtech and other healthcare technologies.
Earlybird was established in 1997 and currently has approximately €300 million of capital under management.